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<ul><li>India and Luxembourg have signed three new bilateral agreements after leaders of the two countries held their first formal interaction in over two decades.</li><li>All three agreements are in the financial space to promote trade ties between India and Luxembourg with the latter being the third largest foreign investor in India. </li><li>The Ministry of External Affairs Joint Secretary revelaled that discussions around the India-EU Trade and Investment Agreement have been initiated and an agreement between space agencies in both countries may be signed soon.</li></ul>The first ever meeting between the leaders of India and Luxembourg in 20 years has yielded fruitful results with three new bilateral agreements signed between the two countries. And, since Luxembourg is a founding member of the European Union (EU), discussion around the <keyword id="957079" type="PERSON" weightage="20" keywordseo="India-EU">India EU</keyword> trade and investment agreement were also initiated. Delhi’s has been ramping up its relations in Europe. Of the six virtual summits this month, four have been within the continent — first the EU, then Denmark and Italy and now Luxembourg. “The meeting focused constructive engagement on our bilateral relationship, especially given the strength of the Luxembourg economy and our needs. It focused on the financial sector, fin-tech, green financing and space applications,” said Ministry of External Affairs Joint Secretary Sandeep Chakravorty. The <a href="https://www.mea.gov.in/bilateral-documents.htm?dtl/33212/List_of_Agreements_acknowledged_on_the_occasion_of_IndiaLuxembourg_Virtual_Summit">three agreements</a> that have been signed are: <ul><li>Luxembourg Stock Exchange with State Bank of India (SBI)</li><li>Luxembourg Stock Exchange with the India International Stock Exchange (INX)</li><li>LuxInnovation and Invest India</li></ul>The agreements with the Luxembourg Stock Exchange provide for cooperation in the financial services industry. It will enable the maintenance of security markets in both counties with a focus on ESG (environmental, social and governance) and green finance in the local market. The third agreement between LuxInnovation and Invest India is to support and develop mutual business cooperation between Indian and Luxembourg companies, especially when it comes, promoting and facilitating inbound FDI. “Luxembourg Stock Exchange and funds based out of Luxembourg are the third largest investors in India. Foreign portfolio investments from Luxembourg total more than ₹3 lakh crore. It is the largest after the US and Mauritius,” said Chakravorty. Upcoming agreement in the space sector The Indian Space Research Organisation’s (ISRO) commercial arm, New Space India Limited (NSIL), launched four satellites for Luxembourg just last week. According to Chakravorty, the bilateral relationship between the two countries may be further strengthened with an agreement between ISRO and Luxembourg space organisation. “There is a lot of potential between the two countries when it comes to cooperation in space,” he said without divulging any further details. India’s invites Luxembourg to join the International Solar Alliance Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> and Luxembourg counterpart <keyword id="6629009" type="PERSON" weightage="20" keywordseo="Xavier-Bettel">Xavier Bettel</keyword> also discussed issues of terrorism and climate change. Bettel mentioned Luxembourg’s financing mechanisms available in Luxembourg and asked Modi to encourage Indian companies to raise capital for environmentally friendly green projects in the country. In fact, the first ‘masala’ bonds were raised in Luxembourg and many Indian companies are listed on the Luxembourg Stock Exchange. During his address, Modi also invited Luxembourg to join the International Solar Alliance — an initiative launched by India between 121 countries with a focus on the utilisation of solar power. It is the second largest grouping of states worldwide after the United Nations. According to Chakravorty, Beetle indicated that he may take Modi up on the offer. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/loan-moratorium-case-indias-power-sector-players-want-the-supreme-court-to-plug-the-loopholes-in-rbis-restructuring-scheme/articleshow/79301830.cms">Loan moratorium case: India’s power sector players want the Supreme Court to ‘plug’ the loopholes in RBI’s restructuring scheme</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-ceo-delaportes-new-plan-could-allow-company-to-catch-up-to-to-tcs-infosys-hcl-tech-and-others/articleshow/79299467.cms">Wipro CEO Delaporte’s new plan could give the Indian IT services giant the edge it needs to catch up to its peers, according to analysts</a> <a href="https://www.businessinsider.in/finance/banks/news/lakshmi-vilas-bank-is-the-fifth-financial-firm-after-ilfs-dhfl-yes-bank-and-pmc-bank-to-collapse-in-india/slidelist/79286096.cms">Lakshmi Vilas Bank is the fifth financial firm to collapse in India within the last 30 months</a>

The first meeting between India and Luxembourg in 20 years results in three new bilateral agreements

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Good morning! Here's what you need to know in markets this morning.It's another crunch day for Greece. <a href="http://uk.businessinsider.com/the-greek-government-is-scrambling-to-figure-out-a-proposal-its-creditors-will-accept-2015-6">European heads of government are meeting in Brussels for an emergency summit on Greece</a>. Athens has submitted more proposals, but it's still unclear whether any significant progress can be made - as Greeks begin to withdraw deposits from the banking system at a faster pace.And former US Treasury Secretary Larry Summers weighed in on Greece too. In a chilling op-ed in the Financial Times on Saturday, <a href="http://uk.businessinsider.com/larry-summers-greece-will-probably-become-a-failed-state-2015-6#ixzz3dlb54lAX">Summers published a dire warning to the continent: If creditors don't figure out a way to hammer out a deal with the Greeks, the southern European country is likely to become a "failed state."</a><keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> business leaders are apparently planning a pro-Brexit campaign. <a href="http://www.businessinsider.com/r-british-business-leaders-plan-campaign-for-eu-exit-2015-6#ixzz3dlcMRNZq">A group of British business leaders and entrepreneurs are preparing to launch a campaign for Britain to leave the European Union</a> at a planned membership referendum, a major donor to the UK Independence Party said.Cigna rejected Anthem's 'inadequate' $47 billion takeover bid. <a href="http://uk.businessinsider.com/cigna-rejects-anthems-inadequate-47-billion-takeover-bid-2015-6#ixzz3dlbJa9MT">Health insurer Cigna has rejected a $47 billion (£29.56 billion) offer to be acquired by its larger rival, Anthem</a>, saying the terms of the bid are inadequate and "woefully skewed in favour of Anthem shareholders." Carlyle Group is making a major Indian investment. <a href="http://www.businessinsider.com/r-carlyle-group-commits-up-to-500-million-to-india-focused-magna-energy--2015-6#ixzz3dlbbvWfU">Carlyle Group has committed to invest up to $500 million (£314.43 million) in Magna Energy, an India-focused upstream oil and gas company</a>, the global private equity firm said in a statement on Monday.Brazil's President's popularity has slumped even further. <a href="http://www.businessinsider.com/r-brazils-rousseff-approval-rating-drops-further-poll-shows-2015-6#ixzz3dlcZjtvu">Brazilian President Dilma Rousseff's popularity suffered a new blow in June, with just 10% of voters approving her government as unemployment rises and corruption allegations haunt key allies</a>, a poll showed on Saturday. Eurozone confidence figures are coming. At 3 p.m. London time on Monday (10 a.m. New York time) the latest consumer confidence figures for the eurozone will be released by the European Commission. Analysts expect confidence to drop to the lowest level since February in June.European telecoms giant Altice wants to buy Bouygues. <a href="http://www.wsj.com/articles/european-telecom-altice-offers-to-buy-french-rival-bouygues-1434893036">Luxembourg-based Altice wants to but up France-based Bouygues for around €10 billion (£7.17 billion, $11.39 billion)</a>, according to the Wall Street Journal. Belgium says it will unlock frozen Russian accounts. <a href="http://www.businessinsider.com/afp-belgium-to-unblock-frozen-russian-diplomatic-accounts-fm-2015-6#ixzz3dlcrMKPA">Belgium will unblock Russian embassy accounts that had been frozen over legal claims by shareholders of former oil company Yukos</a>, the EU country's foreign minister said Saturday, after Moscow vowed retaliation. Asian markets are rising. Hong Kong's Hang Seng is up 0.33%, and Japan's Nikkei is up 0.94%. The Shanghai Composite Index, which tumbled 13% last week, is closed for a holiday. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/science-proves-what-behavior-turns-women-on-sexy-2015-4">Scientists have figured out what behaviors turn women on</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="04MTZmdDr6jP39cmk7vQFVLmQ1mfBAki" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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The first meeting between India and Luxembourg in 20 years results in three new bilateral agreements

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